AML3D Raises $3 Million to Support Expansion into US Defence Industry
7 February 23
Adelaide-based wire arc additive manufacturing specialist AML3D has announced firm commitments for a share placement worth $3 million, before costs, which it will use to support its expansion into the US.
The capital raise saw shares issued at $0.072 each, a 23.8 per cent discount to the volume-weighted-average-price (VWAP) for the 15 days before the trading halt announcement. According to AML3D, “a range of sophisticated investors” were represented in the placement.
“We intend to scale the company within the massive and growing US additive manufacturing market utilising a fully functional US sales team and key bases in strategic locations,” said CEO Ryan Millar in a statement.
Mentioned in the announcement on Tuesday was establishing sales team in the market, and establishing an outpost at Knoxville, Tennessee and Danville, Virginia.
Knoxville was cited as home to “the largest science and energy national laboratory in the Department of Energy system and major partner to NAVSEA (US Navy), Boeing and other strategic targets.”
Danville is the location of the NAVSEA Additive Manufacturing Centre of Excellence, noted the Australian company, including three full bays “dedicated to accelerating and scaling additive manufacturing and activating supply chains through a centralised Navy demand signal.”
The news follows last week’s announcement of the sale of an Arcemy “X-Edition 6700” wire arc AM system to the US Department of Defense intermediary BlueForge Alliance.
Wire arc AM uses a robot and welding wire to deposit welding beads in layers, building up near-net shape parts out of a variety of metals.
The $3 million raise will also support software development for AML3D’s Arcemy machines.
Source: AuManufacturing